Stock Market Today: All You Need To Know Going Into Trade On May 7

US stocks headed towards their best three-day rally of 2024, extending a rebound fueled by expectations the Federal Reserve will be able to cut interest rates this year, Bloomberg said.

The S&P 500 Index and Nasdaq 100 rose by 0.57% and 0.66%, respectively, as of 11:43 a.m. New York time. The Dow Jones Industrial Average rose by 0.14%.

Brent crude was trading 0.61% higher at $83.47 a barrel. Gold rose 1.01% to $2,325.09 an ounce.

India’s benchmark stock indices ended little changed amid a volatile session on Monday, even as a steep correction in public sector banks left the Nifty 50 down for the second day in a row while the Sensex closed marginally higher.

Titan Co., State Bank of India, and Reliance Industries Ltd. shares weighed on the indices, but Kotak Mahindra Bank’s gains helped to limit the losses.

The NSE Nifty 50 closed 33.15 points, or 0.15%, lower at 22,442.7, while the S&P BSE Sensex closed 17.39 points, or 0.02%, higher at 73,895.54.

Overseas investors stayed net sellers on Monday for the third straight day. Foreign portfolio investors sold stocks worth Rs 2,168.75 crore and domestic institutional investors stayed net buyers for the ninth day, according to provisional data from the National Stock Exchange.

The Indian currency closed 6 paise weaker against the U.S. dollar at 83.49.